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• Fourth largest growing primary producer of platinum in the world
• Interests in seven mining operations and an active exploration programme
• Main Listing on the ASX, secondary listings on the LSE and the JSE and a sponsored Level 1 ADR in the USA In January 2006 we entered the FTSE 250 in the UK, and in June 2009 we were accepted for inclusion in the ASX100
• FY2011 group attributable production increased by 15% to 487,404 PGM ounces (FY2010: 422,645 PGM ounces)
• FY2011 revenue increased by 45% to $682.9 million (FY2010: $472.2 million)
• FY2011 group attributable Mineral Resources (after application of geological loses) of 118.28Moz and Mineral Reserves of 7.03Moz

Aquarius is a focused, independent platinum group metals (PGMs)producer, with assets on both the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. These are the two most renowned PGM-bearing deposits in the world.

operations

In South Africa, Aquarius’ primary assets, which are operated through Aquarius Platinum (South Africa) (Proprietary) Limited (AQPSA), are the Kroondal, Marikana and Everest mines. Operations at the Blue Ridge mine were suspended during the year.

In Zimbabwe, Aquarius’ interest in Mimosa, one of the lowest cost producers in the PGM industry, is held through a 50% stake in Mimosa Investments Limited.

The group also holds a 50% interest in the Chromite Tailings Retreatment Plant (CTRP) and in Platinum Mile Resources (Pty) Limited, through Aquarius’ wholly owned subsidiary, Aquarius Platinum (South Africa) (Corporate Services) (Pty) Limited (ASACS). Both CTRP and Platinum Mile recover PGMs from the retreatment of the tailings streams of various platinum and chrome mining operations on the western limb of the Bushveld Complex. During the year, Aquarius agreed to acquire a further 41.7% of Platinum Mile.

Both directly and indirectly, Aquarius employed 10,024 people in all at financial year-end. Of these, 8,286 were contractors.

exploration

Aquarius operations total four operating, mechanised low-cost producing mines, two retreatment facilities and one non-operating mine.

An active exploration programme is underway at and around existing Aquarius operations. During FY2011, a total of 13,466m were drilled in South Africa, mainly on the eastern limb of the Bushveld Complex, and 91 boreholes were drilled in Zimbabwe. Current projects and prospects currently contribute 95Moz to Aquarius’ PGM resource base.

business model

Aquarius has been uniquely successful in bringing to account small, shallow, relatively low-grade PGM deposits using innovative technologies and mining methodologies. The Company has developed a clear set of differentiators which give it a significant competitive advantage over larger conventional PGM producers. Aquarius' fundamental differentiators include:

• Mechanised mining techniques, which are capital rather than labour intensive and bring with them a higher degree of safety, lower power requirements and other innovations in design, mining and processing which are now being emulated by some of the larger industry players
• Mining of shallow PGM deposits via decline shafts which require a fraction of the capital cost of more conventional vertical shafts
• Contract mining and processing, which brings with it "bought-in" expertise and resources, training capability and procurement power, allowing for a leaner and more cost-effective structure and greater flexibility
• Selling concentrate directly to two customers on life-of-mine contracts, thereby eliminating the significant financial and technical risks associated with the setting up and running of smelting and refining facilities, and the need for marketing infrastructure
• Low overhead structure, from exploration to operations, management and corporate financing
• Access to international capital markets through three separate listings

strategy

Aquarius has identified several strategic imperatives to facilitate the delivery of shareholder value in the face of uncertain short-term market conditions and a challenging operating environment. These are:

• To optimise costs and efficiencies at existing operations in order to improve or at least maintain the position of these mines on the cost curve
• To seek growth through organic expansion or the acquisition of PGM properties which are:
  - Contiguous with existing operations and capable of exploitation through existing infrastructure at low capital cost
  - Relatively shallow, primarily UG2 orebodies which lend themselves to the Group’s established mechanised mining techniques
• To grow production steadily from current levels to the extent that it can be done profitably, while not hesitating to cut loss-making production
• To evaluate the acquisition of other PGM companies with caution, in terms of earnings accretion rather than potential increases in production
• To remain a focused primary PGM producer, which of necessity requires a continued focus on southern Africa

Aquarius is committed to functioning as efficiently as possible, containing costs and maximising profit for the benefit of its shareholders while always remaining mindful of its other stakeholders, such as employees, the communities surrounding its operations, business partners and suppliers, among others. Of paramount importance is the commitment to conduct our business safely, to cause ‘zero harm’, to respect the communities in and around our operations, to rehabilitate the land on which we have mined and to interact with the relevant stakeholders with respect.

Growth opportunities will continue to be judged in terms of their potential capital efficiency and ability to generate growth in value versus their contribution to growth in production, and the potential growth in free cash flow per share. The Company will continue to manage its cash resources most carefully during the coming years. This strategy has been implemented to good effect in the 2011 financial year, during which Aquarius has patiently an thoroughly evaluated the potential acquisition of several junior PGM companies, rejecting these in favour of the acquisitions of Afarak Platinum and the Buttonshope property. These are properties of strategic importance to Aquarius’ existing operations, and have together increased the Group’s resources by almost 23% at a cost of less than $300 million. They will be instrumental in increasing the longevity of Aquarius’ Kroondal, Marikana and Everest mining operations, and the creation of future shareholder value.

shareholder information

The company is quoted on the Australian Stock Exchange (AQP.AX), the London Stock Exchange Main Board (AQP.L), the Johannesburg Stock Exchange (AQP.ZA) in addition to a Level 1 ADR in the USA (AQPTY).

salient information

Shares in issue as at 30 December 2011: 470,310,000 million
Market capitalisation as at 30 December 2011: $US2.13 billion
Average Share price CY 2011: $A4.38 | £2.81 | R32.52
12 month high CY 2011: $A6.80 | £4.19 | R48.93
12 month low CY 2011: $A2.34 | £1.49 | R19.18

geographical breakdown of shareholders to 30 June 2011                             aquarius' operations in South Africa

aquarius group attributable production (4E PGM ounces) to 31 December 2011